Health Insurance and Personal Finance: How to Decide If You Want A Short-Term Policy

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      There are times in life when the unexpected happens such as a car accident, a cancer diagnosis, or a job loss. While each is difficult to handle, the lack of medical insurance can create a situation which is unbearable. By investing in a short term medical insurance product, a prepared individual can manage an unusual event with less stress. The idea of short term medical insurance products is not new but it can be confusing to determine the need for it, the benefits of obtaining this insurance, how to choose the product, the best way to purchase the product, and how to determine the cost.

     The concept of short term medical insurance product is based on a short need such as 30 days to 365 days compared to a long term insurance product which may extend for several months or years. The need for this product can be for a recent high school or college graduate who is not covered under a parent’s medical coverage. Also, the freelancer may use it since he/she has no company benefit package. Likewise, a semi-retired individual may use it until he/she is eligible for Medicare.

     The short term medical insurance product is useful to have for benefits such as outpatient hospital, physical, and therapy visits which can cost up to $100.00 each without any medical coverage. It can cover accidents, illnesses, immunizations, and preventive care so one may maintain his/her health. Meanwhile, some insurance policies cover alternative care such as acupuncture, massage therapy, and chiropractic visits.

     It is important for a person who is searching for short term medical insurance to determine the best product. A crucial concern is the financial stability and reputation of the company who underwrites the medical product. If you pay for the insurance but the company goes bankrupt then you risk financial problems because of outstanding medical debts. Also, ask questions regarding which hospitals, physicians, therapists, laboratories, and pharmacies may be used, the possibilty of a payment plan in case you obtain medical coverage quicker than expected, and how payments can be made such as credit/debit cards or checks so that you have a specific record of health payments for financial purposes.

    A person may find it difficult to find reputable insurance agents/brokers who can locate the best policy. Remember, a healthy college graduate may require limited benefits compared to a chronically ill person with weekly health visits. It is a good idea to discuss you desire for insurance with trusted family/friends who could have this medical insurance. Researching search engines with “short term medical insurance” as the keywords will provide a helpful list of options. Another idea is to speak with homeowner’s insurance agent or life insurance representative who may be able to suggest a medical insurance agent from his/her business network.

    The idea of obtaining a short term medical products may be overwhelming because of cost. One has to determine how the product will benefit him/her and take into consideration a realistic budget to pay for the medical product. Depending on insurance, the payment can be monthly, quarterly, semi-annually, or yearly so you have to decide based on how long the est. Howver, many individuals keep this medical product for a limited time.

   As an individual, you may be tempted to dismiss the idear of a short term medical product because of your finances or the feeling that it may be hard to locate a good policy.
Howver, if you take the time to review the physical and financial benefits to having a good medical insurance plan you may find yourself better prepared for unforeseen problems.

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